FxWirePro: Nikkei trades higher following footsteps of Wall Street, good to buy on dips

Major support - 20800

Asian markets are trading higher following footsteps of Wall Street. US markets Dow Jones has jumped more than 300 points after upbeat ISM manufacturing data. US ISM data for month of Mar came at 55.3 an increase of 1.1% from 54.2 while retail sales fell 0.2% compared to forecast of 0.2%. US 10 year yield continues to trade higher and jumped more than 7% from 14 -month low of 2.34%. USDJPY is trading higher for 3rd consecutive day and jumped more than 150 pips from low of 110.01. It is currently trading around 110.77. US markets has closed higher with Dow Jones at 26258 (1.27% higher) and S&P500 2867 (1.16% higher). Nikkei has lost nearly 200 points from yesterday’s high of 21759 and is currently trading around 21601.

 On the lower side, near term support is around 21530 and any break below targets 21432/21273.

The near term resistance is at 21730 (200- day MA) and any break above targets 22000/22180.

It is good to buy on dips around around 21350-400 with SL around 21200 for the TP of 21735/22000.